Average Cost Of Data Breaches In India Rises To $2.18 Mn In 2023, Says RBI Report
The report identifies phishing as the most prevalent type of cyber attack in India, accounting for about 22 per cent of all incidents
The average cost of data breaches in India has surged to USD 2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India (RBI) report on Currency and Finance for 2023-24.
The report identifies phishing as the most prevalent type of cyber attack in India, accounting for about 22 per cent of all incidents. This is followed by attacks involving stolen or compromised credentials, which constitute 16 per cent of the cases.
Globally, the financial toll of cybercrime is projected to escalate significantly, reaching USD 13.82 trillion by 2028, up from USD 8.15 trillion in 2023. The average cost of a data breach worldwide has also climbed to USD 4.45 million in 2023, representing a 15 per cent increase over the past three years, the RBI report noted.
"Recognising the significant costs involved, most central banks have increased their cyber security investment budgets by 5 per cent since 2020," the report added.
The RBI's findings highlight the urgent need for enhanced cybersecurity measures to protect sensitive data. As cyber threats become more sophisticated, the financial and reputational risks for organisations continue to grow.
The report serves as a critical reminder for Indian businesses and government agencies to prioritise cybersecurity. Investing in advanced security technologies and implementing robust risk management practices are essential steps to mitigate the impact of cyberattacks.
This rising trend in data breach costs underscores the necessity for organisations to stay ahead of potential risks and vulnerabilities. As the digital landscape evolves, protecting financial assets and personal data remains a paramount concern.
